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Shares in WPP have shown a calm reaction to the advertising giant’s latest trading update, dipping only slightly after the group welcomed new “momentum”, with revenues up by 17 per cent on the year in the first quarter, to £3.6bn.

“First quarter revenue, net sales and operating profit [are] well above budget and ahead of last year,” it added.

Shares fell by around 8 per cent in early March after the company warned of a potential slowdown in growth. Today, they are down by less than 1 per cent, to £17.06.